To amend the Commodity Exchange Act to ensure the continued application of the Act’s anti-fraud and anti-manipulation protections.

IN THE HOUSE OF REPRESENTATIVES

JUNE 10, 1993

Mr. ENGLISH of Oklahoma introduced the following bill; which was referred to the Committee on Agriculture

A BILL

To amend the Commodity Exchange Act to ensure the continued application of the Act’s anti-fraud and anti-manipulation protections.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. FUTURES ANTI-FRAUD PROTECTIONS.

The Commodity Exchange Act (7 U.S.C. 1, et seq.) is amended by adding at the end the following new section:

‘SEC. 23. RETENTION OF CERTAIN AUTHORITIES.

‘(a) IN GENERAL- Except as provided in subsection (b), to the extent that the Commission, by rule, regulation, or order grants, or has granted, any exemption under section 4(c)(1) for any agreement, contract, or transaction (or class thereof), including an exemption for any person or class of persons offering, entering into, rendering advice or rendering other services with respect to the agreement, contract or transaction, from any of the provisions of this Act, such exemption shall not apply to the anti-fraud or anti-manipulation provisions of this Act.

‘(b) EXCEPTION- The proscription in subsection (a) with respect to the anti-fraud provisions of this Act shall not apply to an exemption for any agreement, contract, transaction, or person (or class thereof) to the extent that such agreement, contract, transaction, or person (or class thereof) is or will be subject to Federal securities or banking laws that provide comparable anti-fraud protection, as determined by the Commission.’.

SEC. 2. REGULATIONS.

The Commodity Futures Trading Commission shall issue interim final regulations to implement the amendments made by section 1 of this Act within sixty days following the date of the enactment of this Act. Such interim final regulations shall include such amendments to any rule, regulation, or order previously issued by the Commission as necessary to comply with the amendments made by this Act.